Notifications for Auctions
Notifications for auctions pursuant to Part VIA of the Transfers and Mortgaging Property Law, 1965, No.9.
The following documentation should be provided in order to bid at auction
- Copy of valid i.d. or passport
- Copy of i.d. or passport of the person acting on behalf of the individual
- Original certified power of attorney authorizing the person acting on behalf of the individual.
For legal entities:
- Copy of valid id or passport the person who is acting on behalf of the legal entity.
- True certified power of attorney of the person who is acting on behalf of the other physical or legal entity.
- Copy of company incorporation, certificate of Directors/shareholders and a certificate of company registered address, less than 1 month.
- Board minutes authorizing the representative to bid in the auction of behalf of the company, except where the company only has one director who can bid without minutes.
The mortgage lender may request additional for the purpose of completion of the sale process.
The mortgaged property may not be sold:
- to a person who holds more than two per cent (2%) of the share capital of the authorized credit institution or a licensed financial institution or is connected with this person or their representative or their spouse or their parent or their descendants up to third degree, or any officer, director, employee of the mortgagee
- to any officer, director, agent or relative up to the fourth degree of auctioneer
- to the appraisers who prepared the property valuation report and their relatives up to the fourth degree relation
Actions following the auction Note: for payments to be made at auctions
- The bidder with the highest bid is required to proceed with an immediate payment of an amount of not less than twenty percent (20%) of the accepted bid price, which is paid directly to the auctioneer at the acceptance of the offer.
- The remaining amount is paid to the mortgage lender within a period not exceeding twenty (20) days from the date the offer is accepted.
- Transfer expenses (8% of the sale proceeds exceeding the amount of € 350,000 per property owner, currently reduced by 50%), registration fees (€ 10 per application) and the title issuing costs (€ 5 per title) are payable together with the above advance payment.
- If the property is subject to V.A.T. this is payable to the mortgage lender within a period of 30 days from the date of the auction. The VAT payable is not included in the sale price, it is over and above the sale price amount.
The payment of the above amounts can be made by bankers cheque or personal cheque issued by a local bank.
For any queries please call telephone numbers: 22-126845 or 22-126843.